What will be the Spotify of crypto? #ripico #sto #ntut

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The cryptocurrency market just experienced a small break-out and it almost seems like we all are profiting again. However, it has become virtually impossible for any ICO to (1) attract a decent amount of funding, (2) maintain token price within reasonable value, (3) return the money to the investors, (4) produce any of the blockchain ecosystems promised or (5) make any money at all.

“I therefore declare ICO as dead and buried forever. But it is not the end.”

A new wave is coming. STO (Security Token Offering) is taking the lead in being the most appealing alternative way of fundraising for 2019. In a nutshell is the ability to issue tokens backed by real value. Too many “pitchers” in 2017 and 2018, promised an ICO token that would have appreciated in value for the mere reason that it was scarce (as in limited issuance). Wrong. A million times wrong. Because unlimited ICO multiplied by limited tokens, still makes unlimited token supply as a result, as long as the herd kept producing tokens on ERC20 and list them on an exchange.


I foresee the renaissance being based on 2 ecosystems and 2 tokens.

1.

The first ecosystem will be common to all projects and all trades: a pure financial ecosystem fuelled by Security Tokens (ST). No hidden agenda. Purely for the purpose of making money. Too many times, from the stage of yet another blockchain conference, the CEO of the next big wannabe ICO has promised an ecosystem with a real utility use case. Too bad that token buyers only bought the stinky tokens hoping to go to the moon with their Lamborghini, in the same fake fashioned way Tesla pretended to send one of their cars in outer space. This Financial Ecosystem is only designed to make money.

2.

The second ecosystem depends on the trade. It could be a Lifestyle Ecosystem for a gaming company (one of those who doesn’t have a Problem/Solution slide, but makes ways more money that those who want to “save the world with blockchain technology”). A project aiming to tokenize real estate could, for instance, create an Education Ecosystem, sharing tips and secrets of the trade. A company aiming to tokenize a portfolio of wealth management could create a Financial Networking Ecosystem. The options for naming here are endless. Whatever is the name assigned to this ecosystem, there will be a Non-Tradable Utility Token (NTUT) that can never ever in its lifetime be exchanged for fiat currency or any other crypto/token/coin or whatever. So it is basically useless unless you use it in the ecosystem.

For example, if you are running a gambling project, for every time your user wins/loses more than a certain amount of dollars on your platform, you give them a load of NTUTs, which can only be exchanged to customize the look of the chips, but never to be exchanged for chips. Or, if you are tokenizing real estate, you could use NTUT to access premium content in an educational directory. And if your ecosystem does not have a way to reward users with value, then it would be great to connect with third-party partners able to do so. For example, a telco could offer 1Gb of data as a way to connect with new potential clients.

I believe that the industry is not dead. Only the format. The death of vinyl discs and music cassettes did not kill the music industry, but rather introduced new ways of playing songs with CDs, DVDs, then MP3 and currently Spotify. What will be the Spotify equivalent in this industry? Nobody knows yet.


Stefano Virgilli, CEO at VOX.sg

www.bit.ly/stefanovirgilli

OKEx to delist 50+ trading pairs.

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Just recently, OKEx, the Hong Kong based cryptocurrency exchange, announced that they are going to delist several trading pairs. 

The official statement reads:

“To create a robust trading environment and offer the best trading experience to our users, we will delist several TRADING PAIRS with weak liquidity and trading volume according to the OKEx Token Delisting / Hiding Guideline.”

They are highlighting the fact that the exchange is not delisting the tokens themselves, they are delisting the trading pairs which have low trading volume and liquidity.

When is this going to happen?

This action will take place at 06:00 October 31, 2018. “Users should cancel their orders of the affected pairs from our platform. If your order is not canceled in time, the order will be canceled by the system and your asset will be credited to your trading account,” says the official announcement.

Which token pairs are delisting?

Some of the popular ones are Monetha-Bitcoin/Tether pairs, Change-Bitcoin/Ethereum, Bread-Tether, Iconomi-Bitcoin/Ethereum, Substratum-Tether, FirstBlood-Bitcoin/Ethereum, etc.

The full list of all the token pairs that are going to delist you can see here.

How to look at this?

That might come as a little shock because some of the tokens have legit teams working on them like Substratum, and some have a working product like Monetha. OKEx currently is the second largest cryptocurrency exchange by trading volume, just behind Binance. At the same time, OKEx has the most amount of markets trading within the platform a.i. 516, while Binance has “only” 388.

Also, if we sort all the exchanges by their amount of markets, then we see that OKEx is the top 3 exchange with the most significant number of markets. Ahead of OKEx only comes HitBTC with 809 and Cryptopia with 847 markets. So when we look at this situation from this point of view, this action makes logic sense.

Source:

https://goo.gl/ivv781
https://goo.gl/7y7YjR
https://goo.gl/iVDJRK

Photo by Canva.com

Thursday morning crypto game exploration.

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As it was raining outside, and I had this warm and cozy feeling, it felt like I wanted to do something different today. I found a cool website that lists pretty much all the crypto-related games there is. 

The website is called cryptoandgamers.com. It doesn’t look like they have made a specific order, but it sure looks like many games.

The testing

Starting this off with CryptoKitties at the top. We all know what CryptoKitties is. That was the popular game that congested the Ethereum network at the end of last year. When it came out, it had a massive hype around it. Some of the CryptoKitties even cost around 120ETH, which is utterly incomprehensible to my mind. However, now during a bear market, the prices have slightly corrected, but still, you can find Kitties on sale for 100 ETH, but that’s more like a joke, I believe. From the overview, it looks like nothing much has changed since it came out, except a few exclusive cats. To me, this game is still something I don’t understand. How can someone pay money for a digital version of a cat and look at it as an investment – that the cat could be re-sellable. It’s just weird, but let it be. Some things in life are not worth understanding.

Then I jumped into various types of different genre games, like Crypto Baseball, for example. Sounds good, I already imagined how I’m going to play it, but nothing. “Page not found.”

Oh well, let’s look at other games like – CryptoFights. It looks like an exciting game. Powered by the Enjin platform, it is a 1 vs. 1 turn-based mobile fighting game, where you have to earn experience points to gain new levels. Sounds all good, we’re ready to play, but again the game hasn’t come out yet. It says that the game comes out during Q4 2018, which is now.

Moving on, hoping for at least one game that would work so that we could test it.

We tried EtherLeague, but that didn’t work as well, so we naturally moved on to the next one and whoala! DragonKing.io turned out to be working. It looks like it is a strategy game with role-playing game characteristics, but after registering, and watching a video on how to play, which by the way, didn’t explain much, we figured that it wasn’t worth our time. There were Ether and HitBTC bags flying around along with other players, but it wasn’t clear whether it that was in real-time or just an animation.

Next, we tried CryptoRome, which sounds like an ancient strategy game, and by the description, it sure did sound like that, but when we started playing it, all the hype narrowed, because it basically looks like a card game. You have to buy cards, that do different things, and it looks like the board game called Catan Universe. You have to collect resources, land, troops to get more territory.

I got tired of just wandering about websites that don’t work, so I decided to look at it from a different perspective. I went on dappradar.com and just checked out the most popular dApp games. The picture was clear – CryptoKitties, Ethermon, and MegaCryptoPolis were the top 3 crypto games that run on Ethereum blockchain. All three games have an average of around 300 users per 24h.

So the overall picture of the crypto game industry is kind of yet undeveloped. Most of the projects are only soon to come, and the ones working give you the feeling of incompleteness. Also, I believe that’s true! They are still in development, and mainstream blockchain games still are something new for the daily gamer. I think, mostly it’s because they just haven’t found out about blockchain technology or cryptocurrencies as a whole, and that might be the main reason why these games are not that popular.

Source:

https://www.cryptokitties.co
https://cryptofights.io
https://www.mlbcryptobaseball.com
https://etherleague.io
https://dragonking.io
https://www.cryptorome.io/
https://www.megacryptopolis.com
https://www.etheremon.com
https://dappradar.com

Photo by Canva.com

Lawsuit against BitConnect: Youtube added as a defendant

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The lawsuit which was initiated in July 24th states that BitConnect issued crypto tokens that were unregistered securities, and obtained additional funds through a wide ranging Ponzi-scheme. The lawsuit was filed by 6 individuals who claim to have lost around $771,000. 

BitConnect and its affiliates used Youtube to spread their fraudulent investment scheme through videos. Youtube has failed to delist and demonetize the published videos. The top ten affiliates had posted more than 70,000 hours of unedited content which generated around 58 million views.

“This case is not about YouTube being the speaker or publisher of the content on its website. Instead, liability is predicated on YouTube’s failure to act after learning from content directly published on YouTube of the readily foreseeable harm posed by its advertising partners… As the old saying goes: Sometimes when you lie down with dogs, you get fleas” said David Silver of Silver Miller, the firm which represents the 6 individuals in the lawsuit.

The plaintiffs are sure that if Youtube had developed an appropriate search of its databases, it probably would have delisted the harmful activities of BitConnect videos.

The document which has been filed in court, concludes:

“YouTube failed as a gatekeeper to protect its users from, and warn its users of, the very harm YouTube set out to prevent with its advertising protocols and proprietary algorithms.”

Source:

https://goo.gl/ZY8sqm

https://goo.gl/d3aMw2 – court documents